Trust Issues: Investing in Europe with FEV’s Marcel Stötzel

In this episode of Trust Issues, we speak to Marcel Stötzel, manager of Fidelity European, about the investment case for European equity sector, including the recent rally, the changing macro back-drop, positioning around AI and finding the most compelling opportunities across the sector.

00:00 Introduction 00:32 Drivers of the rally 02:34 Is Europe a global or regional play? 03:29 Is Europe cheap for a reason? 05:57 Impact of German fiscal change & defence spending 07:29 Narrowing down the universe 08:50 Key investment criteria 10:05 Balancing conviction with risk management 12:16 Average holding period 14:31 Most compelling opportunities & AI 18:55 Drivers of performance  22:10 Managing tariffs and oil prices 23:28 Key drivers over next year 25:31 Further information 25:50 Risk warning

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Please note that this podcast was recorded on 16 July 2026.